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// PAGE 3 <br />EXHIBIT L <br /> <br /> <br />Raptor Materials, LLC Cogburn Sand, Gravel, and Reservoir Project February 2025 <br />A Regular Impact (112) Construction Permit Application – Colorado Division of Reclamation Mining and Safety, Office of Mined Land Reclamation <br />will not be reclaimed under the terms of this permit unless otherwise re-affected beyond their original state. <br />Public Lands and other easements and rights-of-way are offset from operations and while they may fall <br />within the 196.4± acre parcel – are excepted from the permit conditions to the extent of their approved <br />setbacks. <br /> <br />The following estimates use assumptions based upon the pre-disturbed state of the application for <br />purposes of determining estimated costs of reclamation and correlated financial warranty. Where <br />appropriate, information is generalized and approximated from similar estimates determined by the Division <br />of Reclamation, Mining and Safety (DRMS), as indicated. <br /> <br />Based upon the Extraction and Reclamation Plans of this application, the status and trend of activities and <br />affected land, and related calculations to estimate reclamation liability, are determined as follows. <br /> <br />Please Note: Due to the difficulty of calculating heavy equipment costs similar to the Division’s software <br />program, unit costs from previous and reasonably current Division estimates of like or similar kind have been <br />used to create a reasonably close estimate. The per unit basis from Division records are shown in the <br />calculation tables throughout this Exhibit, <br /> <br />Before concurrent grading, re-soiling, and revegetation for reclamation can commence, a perimeter keyway <br />(dewatering trench) must first circumnavigate the area where the perimeter slopes form along the extraction <br />limits. For the Cogburn site, this includes three sequential areas of extraction: <br /> <br />• 10.4± Acres – Pit P125_S1 – South pit <br />• 22.1± Acres – Pit P125A – Eastern pit <br />• 28.2± Acres – Pit P125B – Central pit <br /> <br />Exhibit L – Financial Warranty Map shows Initial Extraction as a yellow hatch area, comprising 60.7± acres. <br />Extraction will begin in the southwest corner of Pit P125_S1 and establish a keyway along the western pit <br />boundary, then advance northeastward. Initial Extraction will then progress through Pit P125A, then P125B, <br />as indicated by the arrows on the map. Discharge points from all three pits shall be adjacent to the settling <br />basin, planned to be located outside the southwest corner of Pit P125A. <br /> <br />There is a tank battery located at the southeastern border of Pit P125_S1; approximately 1,360 feet of oil <br />and gas pipeline located between Pits P125_S1 and P125A; and one abandoned oil and gas well each (two <br />total) within the extraction extents of Pits P125A and P125B, both of which are pending removal. Extraction <br />will not occur within the setbacks detailed in Exhibit D – Extraction Plan. <br /> <br />Perimeter keyway extraction will maintain a perimeter slope no steeper than 1.25H:1V, except for depths <br />greater than 30 feet below ground surface (bgs), which will be lined and backfilled at 3H:1V following <br />extraction (refer to the Slope Stability Analysis addendum for additional information). At the toe of the cut <br />perimeter slope is the keyway that runs below the extracted deposit of the basin, into the bedrock, which <br />allows the subsurface waters to flow to the settling basin and discharge pumps necessary to keep the cut <br />basin dry during a time of extraction and reclamation of the affected perimeter slopes. <br /> <br />The keyway dimensions may vary from 4± to 8± feet in depth and 4± to 16± feet in width. Extraction must be <br />broad enough to allow equipment to safely approach the toe and excise the bed dimensions where the <br />resulting channel is sufficient to convey the groundwaters to the settling basin for discharge. <br />